Markets erase morning gains; Nifty below 11,700-mark

On the NSE, Adani Ports, Grasim, IndusInd Bank, and ICICI Bank were the top gainers.

May 23, 2019 09:05 IST India Infoline News Service

IT Stocks Up
Equity benchmark indices erased its morning gains with the Sensex declining 262 points at 38,864 levels. The Nifty dropped 65 points to trade at 11,672 levels.

In the mid-morning trading session on Thursday, benchmark indices had spurted to a record high level with the Sensex and Nifty crossing 40,000 levels and 12,000 levels, respectively after counting showed that BJP and its partners are leading over opponents.

ICICI Bank, IndusInd Bank, L&T, Reliance Capital, SBI, and Adani Port were the major contributors to the gain in S&P BSE SENSEX 50.

On the NSE, Adani Ports, Grasim, IndusInd Bank, and ICICI Bank were the top gainers. On the flip side, ITC, Eicher, Vedanta, HDFC Bank, and Bajaj Finserv were the top losers.

All the sectoral indices were trading in the green on the NSE except Nifty FMCG, IT, and Metal indices, which were down ~1%.

Incidentally, market breadth was neutral on the NSE with 883 shares advancing, 818 shares declining, and 396 remaining unchanged.

On the currency front, the Indian rupee also erased its morning gains and declined 25 paise to trade at day’s low level of 69.91 against the dollar compared to its previous close of 69.66.

Meanwhile, investors are waiting for final result of Election 2019. As per Election Commission’s comments on social platform (Twitter), at 2:55, PM, IST of the 542 constituencies, BJP is leading in 300, while INC is leading in 50, DMK in 23, AITC in 22, YSRC in 24, Shiv Sena in 18, JDU in 15, BJD in 15, and BSP in 11 constituencies.

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